Deal is in the can, but is it worth it?

In what seems to have been, even by the standards of a translatlantic merger, a long-drawn-out affair, the disposals agreed by Rexam and Ball yesterday offer a swift solution to what would seem to be the final barrier to the deal completing this summer.

The two pre-conditions, which could have led to the £4.43 million purchase of Rexam by Ball Corporation, of Colorado, falling apart and triggering a £300 million-plus break fee to the British company, were clearance by American and European competition authorities. The EU gave its blessing in January, subject to the sale of 12 plants. What the US Federal Trade Commission wants is less clear, but the betting is that the disposal of assets around the globe worth $3.42 billion will satisfy…

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